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league in europe. combined with steadily rising television rights, they have made a solid foundation for german soccer. the only thing missing is that elusive european title. >> we hope they get it. if you are just joining us, you are watching the "journal" coming to you from dw in berlin. after a short break, we will take a look of the role of german chancellor angela merkel in solving the eurozone debt crisis. >> we will be right back. do not go away. >> welcome back. >> 2012 is coming to an end, and a lot of people in europe will be happy to see the old year out. not a day went by without worrying about the future of europe. >> not just for finance experts. a to was also a tough year for political leaders as they lurch from one crisis summit to another, spending -- spending long as wrangling over the best strategy to solve europe cozy financial crisis. >> as europe's biggest economy, germany naturally had a large say. >> as germany's leader, angela merkel naturally made sure her voice was heard. >> she's the most powerful woman in europe. all eyes were on chancellor and to merkel
, "iron curtain: the crushing of eastern europe, 1944-1956." >> why do you open with a quote from churchill? >> heat. the expression -- he coined the expression iron curtain. it was such an evocative description of what happened when he gave the speech that i thought it was important to put that the beginning of the book. >> did you ever think of what he called that the iron curtain? >> there is a long story. it is a theatrical term. there was an iron curtain theaters used to use to prevent fires. churchill used it first in private. >> you know why? >> it was a favor for truman. that is where truman was from. >> let's get a slice of that speech. >> an iron curtain has descended across the continent. behind that line, like all the capitals of the ancient states of central and eastern europe -- baltimore, berlin, prague, vienna, budapest, belgrade, bucharest. all of these famous cities and the population around them lying in rubble -- lie under the soviet sphere. >> why did you want to talk about this? >> i was inspired in my first spoke -- book, and while this is in no way a sequel
in europe -- but greece -- puts greece as the most corrupt country in europe. >> germany is mulling over whether to try to outlaw a far- right party accused of stirring up anti-immigrant sentiment. minister >> to go formal step toward banning the national democratic party, -- ministers took a formal step toward banning the national democratic party, the npd. some worry that prohibiting the party could backfire. it could drum up sympathy for the far right. >> the ministers are united in their call for a ban on meat npd. they reviewed extensive -- on the npd. they reviewed extensive documentation before making up their mind. >> i never would have thought they were so anti-democratic or anti-semitic. or so oriented towards violence and so unconstitutional. we have been discussing a ban for 12 years. now we have a lot of material to go on, much more than ever before. >> the ministers will seek to the government's support for the ban. one federal interior minister said they have a good case, but he admits there are risks. >> the danger is that these proceedings could give new life to a party
for europe. the european union collect the nobel peace prize in oslo. >> the thousands of jobs under threat. carmaker opel halts production at one of its biggest plants in germany. >> and will he or won't he -- mario monti's back and forth on resignation casts uncertainty over italy's economic and political future. >> we begin the show with what has been a day of celebration for the european union. >> the three senior figures representing the eu have been in the norwegian capital, oslo, to collect the nobel peace prize. it was awarded to the 27-member bloc for six decades of promoting peace, democracy, and human rights. >> however, not everyone is happy. some have asked whether the price is justified at that time when the eu is mired in economic and financial -- the prize is justified at that time when the eu is mired in economic and financial crisis. desmond tutu says it is an organization based on military force. >> coveted award was accepted with pride by the eu's 3 president, martin schulz, herman van rompuy, and jose manuel barroso. the standing ovation they received was a rare accolad
missiles from europe. former reagan administration officials talk about the negotiations that led to the intermediate nuclear forces treaty. at this event hosted by the american foreign service association, it's an hour 20 minutes. >> okay. i think we're ready to go. i would invite everyone to take their seats. i'd like to wish all a very good morning. i'm susan johnson, the president of afsa, and i'd like to extend a very warm afsa welcome to you all, and thank you for coming to this important and special panel discussion, and also celebration of the 25th anniversary of the signing the inf treaty. special thanks of course go to our panelists and our moderator, and i should not talk, ridgway and burt, for sharing their experiences and reflections surrounding the conflict negotiations that led to this treaty which was a significant factor in reducing danger of the cold war. i'm sure you know all of these three eminent folks, but i would just like to say a quick word. ambassador rozanne ridgway was assistant secretary of state for europe and candidate from 1985-89. in her 32 year fo
crushing of eastern europe, 1944-1956." >> why do you open with a quote from churchill? >> he coined the expression iron curtain. it was such an evocative escription of what happened, when he gave the speech that i thought it was important to put that the beginning of the book. >> did you ever think of what he called that the iron curtain? >> there is a long story. it is a theatrical term. there was an iron curtain theaters used to use to prevent fires. churchill used it first in private. >> you know why? >> it was a favor for truman. that is where truman was from. >> let's get a slice of that speech. >> an iron curtain has descended across the continent. behind that line, like all the capitals of the ancient states of central and eastern europe -- berlin, prague, vienna, budapest, belgrade, bucharest. all of these famous cities and the population around them lying lie under the soviet sphere. >> why did you want to talk about this? >> i was inspired in my first book, and while this is in no way a sequel it represents thoughts i had. one thing i got interested in is the questi
and eastern europe -- berlin, prague, vienna, budapest, belgrade, bucharest. all of these famous cities and the population around them lying in rubble -- lie under the soviet sphere. >> why did you want to talk about this? >> i was inspired in my first book, and while this is in no way a sequel it represents thoughts i had. one thing i got interested in is the question why no people went along with it. what is the mentality? what are institutional pressures? why do camp guard do what they are told to do? i decided to write about this period right after world war ii, because it was a time the soviet union had reached a height, there was an apotheosis of stalinism. it was reinforced by the experience of the war. by 1945, it was a fully developed system with an economic theory and a clear ideology, and it was at this moment the red army marched into central europe and began imposing that system on the central european states, so you can see how from scratch -- what did the soviets think their system was? what did they think was important, and how did they try to carry it out? >> where did
in europe are trading lower as ben bernanke warns monetary policy may not be enough to offset the damage if the u.s. economy goes over the fiscal cliff. >>> and the fed takes the new and surprising step in its ongoing efforts to boost the economy, tying interest rates directly to the u.s. unemployment rate. >>> plus, investors cheering the plan to save danone's plans to offset losses over the next two years. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >>> welcome to the program. coming up on today's show, we'll be plenty busy. we head out to tokyo where carry enjoji has been talking about the upcoming elections. then, we hone in on central london where one pilot project is living roof and major buildings. find out what green living can do go r to improve the area. >>> and today, the 1 billionth international tourist will reportedly arrive at a destination in the world. at 11:20 central time, we'll speak to the world travel council to find out why france is still the world's top destination but more money is spent in the u.s. and c
to southern europe. >> and then south korea's presidential election, yes, it's not just japan, and what to expect from the winner. >>> let's just plug you into where we are with this global market. more now on the global trading day in europe. 5-4 advances just about outpace decliners on the dow jones stoxx 600. most european stocks were up yesterday. the dax up 13 points. the dax, second highest close of the year, still up 27.5% for the year. right now, the ftse sound, the cac kron, closed at a fresh 52-week high. and the ftse is up 13 points despite falls from italian banks. let's show you where we are as far as the bond yields are concerned. we just check in. italian yields, 4.4% on the year. we'll show you the twos and tens, as well. i'll give you more on how that compares to where we closed yesterday. so the two-year, that's the low where we were yesterday. 10-year spanish yields, 5.581%. two-year yield, 2.35%, kind of where we were yesterday, too. and they're continue to go appreciateslide slightly from yesterday's close. as far as currency markets, 1.2880 was the two-week low on
in europe of binding disparate economies by means of common currency. this is not the first time these things that happened. it happened in the united states of america. you have disparate economies in the united states of america that are bound together monetarily. missouri and washington state are as different as germany and greece. what is it that keeps the united states together? you had a great depression here in the 1930's. things were awful. and yet, i do not believe there were any political movements to get rid of the deficit states from the united states, like there are in europe and portugal and spain and everywhere else that happens to be in deficit. the reason is, the federal- state, especially after 1929 plays the role of the regulator of surplus and deficit recycling around the land. let me give you a simple example. we are in seattle. boeing is sponsoring the lectures. when boeing goes to washington to give a contract for the next generation jet or whatever, they may get it. they do get it. but there are some things attached. like for instance, we want a factory t
weighing on investor sentiment today. in europe, it was the last trading day of the year, and what a year it has been. our correspondent has kept an eye on the trading floor all year for us. he sent us this report from the floor of the frankfurt stock exchange. >> the year has ended a very successful 2012, also for the frankfurt exchange, which is why you see tables and chairs where there usually are not. there will be a celebration here shortly, and there is something to celebrate -- the dax performed to the tune of about 30%-plus this year, and many shares went up. only a few lag behind. the best shares almost doubled in value. when you look at the second tier, there were some that more than doubled in value. demand mostly responsible for that, according to -- the man most responsible for that according to everyone here is mario draghi. he promised the european central bank would do everything in its power to preserve the euro, and that really release energy and restored some confidence also for the bureau. in 2013, people see more share market. the dax could reach a new record highs. p
. as america stood on the edge of american leadership, europe entered a decade in which it convinced itself war was impossible. the book, grand illusion, captured the view that europeans were too advanced, too sophisticated to fight each other. john maynard keynes a code this with his famous observation about how the world was tied together, how an englishman could order from his doorstep products from faraway lands and have them delivered to him. it's kind of an early version of thomas friedman's theory which claims an advanced country that used computers won't go to war with each other. i call it the starbucks to pick any two countries that have starbucks won't fight. you know, i guess unless they have like a triple espresso to another observer, in a much different way, posited that war would be so bloody and weaponry so deadly that no one would dare risk a conflict. all of these assume that european leaders would be rational, a stretch even in the present day. this, of course, vanished in august 1914, a war sparked by one of the most unlikely of accident when ferdinand on his way back from s
20 years. so look, and a lot of this is down to problems, i guess, in europe, right? what is the outlook with what happens with global growth and what is happening? >> unsurprisingly, the volume of growth of trade are strongly correlated to the volume of growth. so growth slows down. trade slows down with a sort of multiple. that's the main reason. there may be other marginal reasons like, for instance, difficulties in trade finance. which is a sort of the aftermath of the financial crisis. but the reality is that the main export market of the senate, which is europe, is not doing well. the second export market is not doing that well. not to talk about japan. so this has a slowdown effect which reverb rates on the growth of emerging countries. >> and i know when you see what's happening in italy, will this, the political developments in italy that cause more instability and less reform there, are you concerned that will have a further destabilization impact? >> no. i mean, i think it comes at a time where we are starting to see an exit, a crisis exist by europe. whether th
ago here as opposed to the countries of western europe, we were the most egalitarian of countries. now we are the least. we have outstripped everybody else because our capitalism has been a relatively robust. when capitalism can do it's thing, it polarizes. when it polarizes it creates an awareness that is probably also occur to you. if a growing number of people i'm having a hard time and a shrinking number of people are collecting enormous wealth, it will occur to the two of them that this is happening. and in the one group there may develop their resentment against the of a group. and if you have a system like capitalism coexisting cannot that you have to, but if you have a system of capitalism coexisting with the democratic society in which everybody has the throne and the following in sight is going to occur to a lot of people. we, the majority, are really getting screwed in the economy. the way to fix it to reverse it, to offset is to use the political system to get the result. in the political system weekend rearranged so that what we lost in the economics as it became more and
, but a change. you were bullish in the u.s. saying i'm going to europe and other areas. why? >> well, maybe it's controversial when you look at the headlines in europe and asia and elsewhere in the world, but our thesis is predicated primarily on what we call price matters, which is essentially evaluations so when you look at the u.s. markets, and in our opinion, u.s. markets are still relatively attractively valued because they are, on our models, 20% below long term return trend sot force of reversion works in your favor, but if you look at efa, it's further below the long term trend, 35%-40% below the long term trend, and history coral lates to strong adjusted returns over the next decade. you know, that's the long term view op places like europe and asia. the shorter term view is that our tool set for tactical moves is don't fight the fed or the trend, be aware of the crowded extremes, and like in the u.s. where the fed is on a risk market side, that's true in the ecb, a huge change. the change in the ecb leadership and the embracing of american style qe is a big reason why we went from st
on the fiscal cliff. equities falling on wednesday in the u.s. on thursday when we opened here in europe, yesterday we saw a relatively stable markets. we closed out on a flat to slightly higher note for most of our european markets yesterday. this morning coming into trade, we're pretty flat. we've taken a bit of a dropdown on this drop but we're just a couple of points lower. in the asian session overnight, we managed to see gains back again. they lost again on the notion of the fiscal cliff not happening. shanghai composite higher by just over 1% in today's session. hang seng, and the kospi closing slightly higher across the board. the european markets mixed, but the ftse 100 still flat to higher. we're all looking towards these fiscal cliff negotiations. at the moment, we've got a couple more days of trade before we get to the end of the new year, as well. most analysts out there, they've been saying we're going to see a relatively flattish end to the year from where we are now given that we've seen such an increase of equities in the past 12 months. we've seen stellar outperformance
eastern europe? anything? >> one of the things that happened since 1989 is the region we used to call eastern europe has become very differentiated. these countries no longer have anything in common with one another, except a common memory of communist occupation. poland is as different as greece is from some land. europe is now divided in many ways to -. there are a few elements of the communist past you can see. there is a paranoid element in politics that comes from the legacy of people being spied on and having lived in an oppressive system. they are more paranoid about secret deals behind their backs, because secret deals were done behind their backs, and that is understandable. there is an anxiety about being left behind in the west. the memory of the past continues to play out, but in truth, these countries are more different from one another than they are similar. >> you through -- you chose three of eight countries behind the iron curtain? >> it depends on how you count. >> what were the three democrats i chose to poland, hungary, and east germany. they have different histori
't have too much vacation or little. we do it just right. europe had work like we did. you want lopping beer vacation you can have a stagnant economy like europe. we raise taxes we'll have longer vacation but fewer jobbings. >> you are right. we don't want to be like the french. and people here in the united states and government union. and i was on vacation and check my blackberry and read a rick unger e-mail while on vacation. >> you are never on vacation. >> you work it anyway. nine out of the 10 are checking their work phones. any time to rejuvenate and come back ragged. >> we need that vacation time to work better. >> when you say economy you are talking about gdp. good or ill it is major transaction. have everyone never talk a day off and work 60 hours a week. steve is protesting that. >> there is it a correlation between vacation time and increased productivity. a 2010 study show that americans felt refreshed and better about their jobs coming back it is important to take breaks throughout the work die. >> i center to tell you, i don't think i had a year where i used up all of my
and spain. >> how different is it outside of europe in the wider arab world, the middle east? >> they are more accepted outside of europe because europe is a shocking and islamic bloc because there's a need to find a european identity, especially now in the crisis. >> where do you see this going? do you see the creation of a broader european islamic bloc? >> islam house oe been adapted to its cultural surroundings and we can see european islam coming up in a lot of centers in europe. >> his specialist in the dialogue between the islamic world and the west, thank you. onto soccer now. dortmund with another victory under their belts helping the reigning champions close in on the league leaders. their season has been punctuated by ups and downs, but on sunday and, they notched up another important victory in their title defense. >> warring on from the touch line, the caretaker urging his to stay compact. breached by mario. still, he did not play. fearing relegation. moments later, sven scoring a deserved equalizer. in the second half, again with the breakthrough gift. and the ea
in seven months. although shanghai again trades lower even europe's pmi improves a touch in november. first up, we're one month away from the fiscal cliff and so far the white house and congressional republicans are still in disagreement over how to reduce the deficit and avoid a raft of tax hikes and spending cuts. yesterday our own jim cramer and maria bartiromo were on "meet the press" and cramer had a message for fellow panelists and father of the anti-tax pledge, grover norquist. >> most ceos are republican. they're on board. they're not on board with you. they're not on board with you because they fear your view. they think you do not favor going -- you favor going over the cliff. that's what they think. they think that you favor -- >> just for the record since we're on tv. that's silly if they think that they shouldn't be ceos. >> it doesn't really matter. that's what they think. >> i want you to walk me up to that moment. >> behind the record. i like that too. >> i'm stuck. like grover is stuck with this pledge he made everybody take which is that they have to go over the cliff beca
the systems of canada and other parts of europe like having a single-payer take care of all medical expenses? 's been a good question. we could probably be here quite some time to answer. from our vantage point, what we see if this is somehow works in canada and it does not have the care level here in the united states. even in the european countries like the u.k., they too have a one payer system. what happens it is cause long lines and health care is delayed in getting to people in the result is a dear. it is a more simpler model under one roof or an ape in a society that can access care at a single point and village across the platform as a whole. we were governmental sponsored plan because it does not encourage innovation and does not encourage competitive aspects. we hope you will get better going forward. >> slightly off-topic, [laughter] >> mr. brousard, i want to comment and give you some background first. i am a humana -- prescriber through my wife's retirement. and generally very satisfied with the program, particularly enjoy the silver sneakers relationship to encourage exercise.
for the economy. and the transaction tax is being taken very seriously in europe and probably will happen there, even though the u.k. is kicking and screaming because they specialize in being the home of trading, whether trading in stocks or derivatives or anything else. they simply do not want that to be taxed. there are people in congress. i think wall street is now the number-one contributor to political campaigns. at least, it is in the running for number-one. i have been to washington many times and i'm involved with several groups that are trying to reform the business sector so that it can work, so that it can survive. it is very difficult because of the sheer amount of money that the finance sector in particular is pouring into lobbying and campaign contributions. it is very difficult. >> let's give a round of applause for lin. -- lynn. [applause] there is an opportunity for you to purchase and have the but signed. if you have court-further questions, she will be here signing books. thank you all and have a safe trip home. [captioning performed by national captioning institute] [caption
previously thought, although the session still looks very much on course for another quarter here for europe. the pmi will rise above 50 that divides growth between contraction. hasn't stopped the euro/dollar from hitting a one and a half month high. i suppose we know growth is going to be anemic, but if spanish banks are getting some money, are we feeling slightly better? >> that's what euro trades on, isn't it? pmis are all very interesting for the economist. but they want bigger stories. most of the news flow, it's helpful to the euro. people have been trying to affect this rally for a while. we are close to those october highs. the news flow has been good, i would say. >> we hit, what, nearly 131.80? >> before that, we go 131.40. the enthusiasm for euro is surprisingly good. we're surprised by how far this rally has gone on pretty thin news sometimes. >> i just want to recap what we've got. eurozone finance ministers meeting in brussels. an agreement still seems pretty elusive at this moment. germany and french finance ministers have very different views about oversight of banks. and in
. the intermediate nuclear forces treaty, or inf, led to the destruction of thousands of europe-based nuclear missiles on both sides. speakers here will include former assistant secretary of state richard burt, former u.s. ambassador to the soviet union, jack matlock, and will also there from former assistant secretary of state rozanne ridgway. the american foreign service association posted this hour and 20 minute event. >> i would like to wish all other good morning. one. i'm susan johnson, the president and i would like to extend a very warm welcome to you all. and thank you for coming to this important and special panel discussion. and also celebration of the 25th anniversary of the signing of the historic treaty. special thanks of course go to our panelists and our moderator, ambassadors matlock, ridgeway and bert, for sharing their experiences and reflections surrounded the complex negotiations that led to this treaty which was a significant factor in reducing dangers of the cold war. i'm sure you know all of these three imminent folks but i would just like to say a quick word. about th
, more green than red on the board today. by three to two, gainers outpacing losers. now, europe was closed yesterday. there was trading in the u.s. it was a weaker session. that move did extend to some parts of asia overnight. interestingly enough, the shanghai composite down .6%. the hang seng was higher on the day. the nikkei adding .9%. the kospi was up even though south korea growth projections were lowered. european markets as we look across the major bourses give you a sense of the action we're seeing in the xetra dax which is about to have its best year in seven years, something like that. the ibex 35 is rallying as we get a further sense of how little value bon can i a has. the ftse mib is moving higher, too, adding about .1%. take a quick look at the bond space, the yield for spain and italy is moving higher today. but roughly as relevance we've seen predominating over the last couple of weeks. that is around 5.3% for spain. 4.5% for italy. we did see guilds moving about 3% level. now back below 1.9%. stick around because straight ahead, we get a view from one economist
you very much. a key session in japan overnight. >>> as we pivot our focus to europe, you see stocks addi adding .3%. consistent with the rally we've seen over the last several trading sessions and apparently having plenty to do with the possible resolution of u.s. fiscal talks. we'll have more in a little bit. the survey also helping to lift sentiment or keep it buoyant. look at the major borses. green in the harder hit regions. ftse mib, spain up better than 1%. consistent with the rally we saw yesterday. remarkable. the xetra dax adding .1%. for its part, up to close to 30% this year. the ftse 100 adding .3. the bond space, we'll look at that and talk later about the big trades that have helped some hedge funds, for example, when it comes to greek debt. for the time being, mario's comments this summer is have techively kept the bond gleelds a tight range since then six months or so now, this is going. and differentiation across the space where italy price rising, not the case for spain which is seeing its yield up to 5.3. and i know we haven't mentioned this in a while, but i want
in yesterday's rally. we didn't get housing starts, that's earlier today. as for the picture in europe, really the stand outout here is the euro. greece getting a five notch upgrade at the s&p. our road map this morning starts with gm. government motors no more. the treasury to exit its stake in the next 12 to 18 months, purchasing 2 million shares by the end of this month. >> another challenging quarter for fedex with the blame squarely on sandy. but the stock is up pre-market. >> oracle posts a strong quarter with even stronger guidance. the season rebound in europe. no impact from the fiscal cliff. >> and ge gets boosted from ubs's key call list on the weaker than expected macro environment. still on the list is including -- well tell you in a couple of minutes. >> general motors is up sharply in the pre-market session. the treasury department says it intends to sell the rest of its stakes in gm in the next 12 to 15 months. the automaker will buy back 200 million shares from treasury for $27.50 a share. treasury says it plans to sell its other remaining shares through various means in an or
movement in europe. capitalism has always been recycling. the process of described is a process whereby the entrepreneur is now forced to be an entrepreneur. the ex-peasants, they did not choose to be entrepreneurs. they had to be. they used debt. bringing it to the present, energizing the production process, producing the wealth from which he hopes that he will be able to repay the debt. the moneylenders, later the bankers. cover for the fact that he had paid wages for capital goods. hoping there is something left for him, for profit. debt is all about intertemporal recycling. by effectively taking his hand and pushing it into the future, grabbing value that had not been generated. -- that is debt. producing the wealth, from which they hoped they would pay the debt. moneylenders, bankers. covering the fact that he had already paid wages, hoping that there would be something less for -- left for him. the fact that there is recycling -- you take a value for the future, bring it into the present, so as to develop -- delivered the body to the future. the problem with this process is once y
for the second month in a row. although europe's biggest economy is experiencing a slowdown, this fresh optimism for the six months ahead. >> the closely watched fio -- ifo index climbed by one point this month. only wholesalers and retailers are not sharing the positive outlook. the index takes the pulse of 7000 companies across germany. for more now, we had to the franc fort -- frankfurt stock exchange. positive news on the german economy. has that brought some cheer on the floor there? >> this is indeed a very nice christmas present and a strong signal that the german economy will recover again after its winter sleep, but the dax did not make a huge step forward. the stronger than expected ifo index may prevent european central banks from lowering interest rates again. >> we have had developments also in a libor scandal that broke earlier this summer. tell us about that. >> yes, the news is very bad. ubs has to pay the record fine of 1.2 billion euros in this libor scandal and its manipulation of interest rates. some british banks also have to pay millions of euros, and also deutsche bank is
carry three times that amount. it is part of russia's plan to reduce its reliance on europe, which currently buys about 87% of the country's oil exports. during price talks with europe, russia has also -- often said it would seek other buyers and focus more on asian buyers. >> china's biggest producer of so-called rare earths has suspended output at some of its plants for another month as part of an effort to push up prices. >> rare earths are a group of elements crucial for making high-tech gadgets like smartphones and ipads, and they're mostly found in china, giving producers a handle on the market. and despite that, prices are falling. >> rare earths are, in china, but many minds in mongolia have fallen silent. state media says that will not change or at least another month. the country's biggest roberts player is trying to stop falling prices. as the world's biggest rare earths supplier, has plenty of power on the market. chinese companies -- of 97% of the global share of rare earths. the u.s. share is much smaller by comparison, as is russia's. rare earths prices have been div
and eastern europe. warsaw, berlin, prague, vienna, budapest, belgrade, bucharest and yugoslavia. all these famous cities and the populations around them. c-span: why did you want to write about it? >> guest: i was in the way inspired by my first book. in no way one in of my first books that my previous book which was about the gulag system. it represents a continuation of the -- -- that i had after writing the book. one of the things i got interested about was why people went along with it and why did people go along with totalitarian regimes? what is the institutional pressure, why did camp guards do what they were told to do? why does it happen? i decided to write about this period right after world war ii because it's a time when the soviet union was then had reached a kind of height. there was a sort of -- of stalinism and stalinism was created throughouthroughou t the 1920s and 30s and then it was reinforced by the experience of the war. by 1945, it was a fully developed system with a clinical theory and an economic theory and a clear ideology. it was exactly at this moment wh
the actual global land scape is looking like from europe to here in the u.s.? >> well, i just spent two weeks in europe, and i don't think things are as bad in europe as a lot of people do. liz: why not? >> the politicians, the bankers and the bureaucrats are the same in europe as they are here. they don't want to lose their jobs, and they're going to continue to paper over this and try to buy time just like we did in our fiasco in '07, '08 and '09. david: david, on the other hand, some people would say what they're doing is stunting growth, raising tax rates, something that may stunt our growth as well. you say that this bull market is overbought right now. it's about to end. why and how sharp a correction are you expecting? >> well, we believe that the high of 12 weeks ago was probably the high for the whole recovery cycle the that started in march of '09. remember that the u.s. stock market was the only market in the world that made a new high this year. we were the best looking house on a very bad looking street. and we believe that the market is overvalued perhaps 20-30%, but we also bel
to society? it is very difficult to give any sort of charity for any charitable purposes in europe. it is very difficult to give service in europe. when i was asking people, they said, why would we serve? there is a bureau for that. there are some places in europe burk it is illegal to give volunteer service. as i see the united states going in the same trend of all sourcing -- outsourcing, it is so overregulated and so over controlling of your life, it takes away your freedom to even support yourself, how would you propose the government relinquished power is that it has taken over peacefully? how do you think the government would be able to let go of this control of our lives? >> i agree with every syllable you just said. [laughter] you almost provoked me to be more political than i felt comfortable doing in this chapel. leave more space, more breathing room for civil society. this astonishing combustion of voluntary association. in my remarks, i used the analogy of a tree. in the shade of which, smaller things cannot grow. that is the danger of an excess of state. >> [inaudible]
in europe. at least at the 2013 predictions are borne out. she may have steered a steady course in the euro zone, a sovereign debt, and banking crisis, but the journey is far from over. >> problems will come again from the financial crisis. we do not know what state of emergency will pop up in the next year. the global economy. >> 2013 they also be the year when germany starts to feel what much of the world has suffered through, the pain of a
of markets look a little bit like this. here is europe to begin with. only a few markets are open there today. among those closed include spain and germany. we're start with asia. shanghai composite is the outperformer. you saw up 1.6% there. here is a list of the markets closed across europe. germany, switzerland, germany and austria. for the bourses that are open, we can take a look at performance this morning and then we'll take a look over at the bond wall. the ftse 100 is down about .4%. ibex down .5%. not a clear picture. definitely mixed trade as people look to close out the year. the bond wall gives the sense for what kind of wall dominates. we're seeing bond yields move higher. investors are exiting the asset class today. italy around the 4.5% level. we've seen these predominant for several weeks and likely a quick check on forrus. the yen, an important one to keep an eye on, as well. dollar/yen firmer, continuing the patterns that we've seen over the last couple of trading sessions. for more on what to expect from markets today, we're joined by chris meyer, managing director and chi
morning. all right. coming up new at 10, germany's chancellor angela merkel says europe will have to work very hard to it maintain its current standard of living. at the top of the hour, find out what she's saying about welfare and here is another development from overseas. we brought you the story last week, french actor gerard depardu, he is leaving home, leaving france because of higher taxes and handed in his passport. now, the french prime minister has some choice words for mr. depardu. he's obviously in the happy with him and find out exactly what he said at ten o'clock eastern time this morning. time is money. 30 seconds, here is what else we've got for you, an in japan, again, a landslide win, so, what's the new prime minister going to do about the world's worst debt problem? print more money and stimulate more, too. build more infrastructure. will that work? we have our own resident japan expert. question, is jeff immelt's cozy relationship with the president costing general electric shareholders money? we will be discussing it. and i lost on friday when i questioned "the washing
on that project, the making of a global capitalism and then even as it helps europe and japan revive, the question is, how does is keep reducing? because now you're creating your own competitors. >> at one point in your book to speak but the american empire, actually dramatic appoints. tucker added as imperialism by invitation. you want to talk to the lead of such a mean by that. >> it's actually a phrase that a sweet story and used for 1945. but it is largely not -- it's a matter of saying that the pentagon in the cna have, in fact, not been essential to the role the american state has played in the world as the treasury and the federal reserve have been. and that term empire which was coined for the way in which decapolis class of europe after 1945 facing strongly and much more concerning labour movements , the socialist threat that they posed, and they were concerned about a soviet invasion. turn to the american state to look to the american state to reconstruct a capitalistic. and in that sense it was empire building. when multinational corporations, the conditions by the late 1950's were foun
. >>> and the next phase of europe's crisis. which nations might find themselves split apart. i'll explain. >>> first, here is my take. arafat's body has been exhumed for investigation. bringing back memories of the unpredictable palestinian leader. the news broke at a time when a conventional wisdom has begun to take hold that the middle east today is much more dangerous, unstable, violent and anti-american than before. let's take a look at facts. in the 1980s the newly empowered radical islamic republic of iran unsettled the region with its promise to spread its revolution elsewhere. lebanon was in the midst of a bloody civil war. that engulfed itself and the palestinians and israel. iran and iraq fought a gruesome war with over one million casualties. hezbollah attacked u.s. armed forces directly forcing a humiliating withdrawal from lebanon. a cia station chief was tortured and killed, and u.s. secrets and interests compromised, and that was just in one decade. or consider those days from israel's point of view. during the 1980s, jerusalem faced well arms regimes. leading members of the rejection
keeps rates unchanged. europe continues to hang in there economically. >> and nat gas gets a boost. the government finds exporting it is better than keeping it here at home. >> apple as we mentioned in the spotlight today, shares of the tech giant coming off their worst day in four years, sliding back into bear market territory. the one day loss erased nearly $35 billion in market cap. that chunk is bigger than 400 other s&p 500 companies. apple ceo tim cook talked to nbc's brian williams in our rock center exclusive. >> why can't you be a made in america company? >> you know, this i found, as a matter of fact, the engine in here is made in america. and not only are the engines in here made in america, but engines are made in america and are exported. the glass on this phone is made in kentucky. so we have been working for years on doing more and more in the united states, next year, we will do one of our existing mac lines in the united states. >> you can see the entire interview with tim cook tonight on rock center, that's 10:00 eastern time on your local nbc station, but for now
. >>> and corporate news weighs on sentiment across europe. kpn shares fall after dividend and greco stocks plunges as analysts cut their outlook for the uk power group. >> okay. welcome. it's the start of a brand new week here on "worldwide exchange." and don't adjust your set, kelly and i are together. >> for once, for a day. >> but make the most of it because it won't be lasting. >> if only there were a slo-mo. >> i'm going to enjoy as much as i can of today. >> and likewise. and then we're going to have to get all of our u.s. voouers to find cnbc world because they could get three hours of you, carol and carolin for the rest of the week. >> whatever they can do. record it and fast forward to the good bits. >> yeah. >> it will be 2:00, 3:00 in the morning or whatever. >>> on today's show, plenty to come on. >> yes. the south american union faces ejection from the imf for allegedly cooking its books about the innation rate. we'll head out to europe where the swiss banking giants could be facing $1.6 billion over libor rate rigging allegations. >> and we'll be on the floor in beijing where china's
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